Apple CEO Tim Cook’s annual pay takes a fall to $63 million in 2023
As Apple gears up for the highly anticipated release of its first XR headset, the Vision Pro, the tech giant remains committed to keeping its investors, shareholders, and enthusiasts well-informed. Apple has recently published its annual proxy statement for investors, shedding light on various topics, including executive compensation and shareholder proposals.
The filing provides insights into the compensation of top Apple executives, including the company’s CEO, Tim Cook. According to reports from 9to5Mac, Cook’s target compensation for 2023 was $49 million, a significant decrease of 40% compared to the previous year’s target of $84 million, which he had exceeded by earning $99.4 million.
However, the latest proxy filing reveals that Cook’s total compensation for 2023 exceeded the target, too. Apple reports that Cook earned a substantial $63,209,845 during the year, surpassing the initially planned $49 million by approximately 28%. Despite this increase, Cook’s 2023 earnings remained around 36% lower than his 2022 compensation.
Tim Cook’s compensation for 2023 includes a salary of $3,000,000, stock awards amounting to $46,970,283, non-equity incentive plan compensation totaling $10,713,450, and additional compensation of $2,526,112.
Furthermore, Apple discloses that the annual total compensation for its median compensated employee in 2023 stood at $94,118, resulting in a pay ratio of 672 to 1 between Tim Cook and the median Apple worker.
The proxy statement also provides details on the compensation of other notable Apple executives:
– Luca Maestri, Chief Financial Officer: $26,935,883
– Kate Adams, General Counsel and Secretary: $26,941,705
– Deirdre O’Brien, Senior Vice President of Retail: $26,937,010
– Jeff Williams, Chief Operating Officer: $26,961,226
Additionally, Apple’s expenses for 2023 included $1,621,468 in personal air travel expenses for Tim Cook, more than double the amount spent in the previous year. The company also allocated $820,309 for Cook’s personal security, covering the incremental cost incurred by Apple to provide these services, including direct costs and a portion of fixed costs.
Annually, public companies must submit a DEF 14A, known as an annual proxy statement, to the SEC (Securities and Exchange Commission) before their shareholder meeting. This document provides shareholders with vital information for informed decisions on matters like director elections, executive compensation, and auditor ratification.
